Zomato's Deepinder Goyal joined the elite club of billionaires in India after the company's market capitalisation breached the $2 trillion mark. Zomato's shares on Monday, July 15, hit an all-time high of Rs 232 a piece following a 4.2% surge on the National Stock Exchange. The shares opened trade at Rs 222, up from the previous close, before hitting the day's high and driving the market capitalisation over the $2-trillion mark.
Deepinder Goyal, an IIT Delhi graduate, co-founded Zomato in 2008 as Foodiebay, a restaurant directory, along with Pankaj Chaddah. The platform was renamed Zomato in 2010 following its initial success and went on to become a unicorn, attaining a market valuation of $1 billion in 2018-19. The same year, Pankaj Chaddah exited the company.
Mr Goyal's realtime net worth is at $1.4 billion, up around $33 million this year, as per Forbes. With this, Mr Goyal, who owns 36.95 crore shares or a 4.24% stake in Zomato, has become India's richest professional manager. The company went public in 2022, launching a much-talked-about initial public offer (IPO). Over the last year, Zomato shares have surged 82% since 2023 and 184%.
The rally in the shares of the food delivery aggregator is backed by a positive financial report in the last quarter of FY2024 and upbeat growth prospects for its quick commerce marketplace, Blinkit.
In May 2024, Zomato informed the exchanges that it expects Blinkit to turn profitable in March on an EBITDA basis. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization.
Zomato has planned a rapid store expansion for its quick commerce business and is aiming for 1,000 stores by March 2025.
The company reported an overall net profit of Rs 175 crore in Q4-FY24 against Rs 138 crore in the year-ago period. The revenue went up to Rs 3,562 crore with an EBITDA of Rs 86 crore during the period.
Zomat had posted Rs 3,288 crore in revenue with an EBITDA of Rs 51 in the last quarter of FY23.
Revenue from Blinkit's business swelled to Rs 769 crore in Q4-FY24 from Rs 644 crore in the year-ago period.
